Waterstone Mortgage's Single Loan Close Construction Program
Experience A Construction Loan Process Like No Other
Waterstone Mortgage's Single Loan Close Construction Program
Experience A Construction Loan Process Like No Other
Waterstone Mortgage's Single Loan Close Construction program helps streamline the process of building your dream home and securing permanent financing. Just ONE loan can cover the cost to purchase the land or lot, construction of the home, and your permanent mortgage — all bundled into one monthly payment. You can even bundle the cost of demolition of a current home and the construction of your new one on the same property.
Program Details
Property
- Primary residences and secondary residences only
- If the lot is not owned, down payment as low as 5% is required
- All financing percentages are based on future value as long as the lot is owned/on title
- Can be used for lot acquisition, construction funds (plans and building contract required upfront), or to pay off a purchase money lot lien on the property
Mortgage Program
- Down payment as low as 5% if the lot is owned, the lot equity may be used for the minimum down payment.
- Interest-only payments on the outstanding loan balance during the construction
- Fixed-rate mortgage for permanent financing, which begins after construction is completed
- No pre-payment penalty
- 12-month construction period (with options to extend up to 18 months)
- One-time close with rate "float-down" after construction
- Hassle-free draw process for builders
- As low as 660 FICO
- Owner builders not eligible
Waterstone Mortgage's Single Loan Close Construction program helps streamline the process of building your dream home and securing permanent financing. Just ONE loan can cover the cost to purchase the land or lot, construction of the home, and your permanent mortgage — all bundled into one monthly payment. You can even bundle the cost of demolition of a current home and the construction of your new one on the same property.
What Our Customers Are Saying
During the process we received all the help needed to accomplish our construction loan. Aaron answered all our questions and coordinated with our financial planner to ensure all bases had been covered to secure the loan. Edward W.
Aaron was especially knowledgeable and accessible. Kelley H.
Aaron from the beginning was always helpful, attentive, and personable. He answered all of our questions and gave us knowledgeable advice throughout the loan process. Pablo H.
The interest-only feature allows you to make minimum interest payments for a set period of time. When the interestonly period end, the monthly payment is recalculated to include full principal and interest payments for the remaining loan term. Geographic restrictions apply — contact a mortgage loan professional for additional information. Interim construction period not to exceed 12 months.
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines.
Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Branch License #41DBO-180879. Washington Consumer Loan Branch Office Licensee #CL-2477014.
Aaron Meilich NMLS #769327. 836 57th Street, Suite 330, Sacramento, CA 95819